Jennison Associates, a low-profile hedge fund with offices in New York and Boston, has potentially scored a $5 billion gain on Nvidia so far this year, as the chip-maker’s stock has soared, according to a report by Markets Insider.
Jennison Associates, a low-profile hedge fund with offices in New York and Boston, has potentially scored a $5 billion gain on Nvidia so far this year, as the chip-maker’s stock has soared, according to a report by Markets Insider.
The report cites regulatory filings as revealing that Jennison owned roughly 23 million Nvidia shares at the end of last year and at the end of March this year, which equates to about a 1% stake in the business. A rally in Nvidia’s share price means during the first quarter means that Jennison’s holding jumped in value from $3.4 billion to $6.3 billion and at last Thursday’s closing price would be worth $8.6 billion.
Jennison has owned Nvidia shares on and off since at least the fourth quarter of 2001 – less than two years after CEO Jensen Huang took his company public. Its share price has soared this year as investors backed the company benefitting from the boom in AI.
